2 min Read
25 May 2012

Written by Damien

Damien is one of the most widely quoted money and investment experts in the national press and has made numerous radio & TV appearances. He created MoneytotheMasses.com while working in the City when he became disillusioned with the way the public were left to fend for themselves because they could not afford financial advice.

More about Damien

Rent out your car to a neighbour online – Money tip #179

 "Rent the car next door!" is the motto of WhipCar.com, a website which allows you to make money from your car by renting it out to people in your area.

If you commute to work using public transport there's a good chance that your car spends most of the week sat outside your home. But why not make your car earn money at the same time as you are. Whip.Car.com enables you to rent out your car for around £30 a day to someone in your local area.

How it works

  • Once you list your car anyone who hires it pays the agreed daily or hourly charge (which you set) plus a £3 booking fee to WhipCar.
  • There's comprehensive insurance covering the rental period which is also payable by the renter and typically costs £5-£6 a day. The comprehensive cover means that even if the renter writes the car off it doesn't affect the owner's insurance policy.
  • The renter is liable for any excess in the event of an accident of up to £500.
  • The renter pays for the petrol.
  • WhipCar takes 15% plus VAT on all rentals.

At the end of the rental both parties give each other feedback in an eBay-style format. Obviously there are restrictions and certain caveats that must be met by the renters and car owners but assuming these are met then there's money to be made from your idle car. And from a renter's perspective they can save up to 30-50% off the equivalent charge from a standard car hire company.

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